Worldcoin
Crypto Overview
Overview
Worldcoin is a cryptocurrency project launched by Tools for Humanity, with Sam Altman (OpenAI CEO) as a co-founder. The project aims to create a global digital identity and financial network through biometric verification using iris scanning technology called 'World ID'.
Purpose and Utility
The primary stated purpose of Worldcoin (WLD) is to serve as a governance and utility token within the World App ecosystem. The token is used for transactions, governance voting, and as an incentive for users who verify their identity through the iris-scanning orb device.
Business Model Analysis
The project's core technology revolves around proving unique human identity while preserving privacy. The World App serves as a digital wallet and identity verification platform. The business model appears transparent, with clear documentation and open-source components.
Real-World Adoption
As of October 2023, Worldcoin has verified over 2.5 million users through their orb devices, with significant adoption in various countries. The World App has seen increasing downloads and usage for digital identity verification and transactions.
Token Distribution
The initial token distribution allocates: 75% to the community and ecosystem development, 13.5% to the founding team and employees (with 4-year vesting), and 11.5% to investors (with 12-month lockup). This distribution shows reasonable alignment with project goals.
Development Activity
The project maintains active development with regular updates to both the World App and the underlying protocol. The team regularly publishes technical documentation and development updates.
Revenue Model
The project's revenue model primarily relies on the adoption of its identity verification technology and the utility of WLD tokens within its ecosystem. There are no interest-bearing mechanisms or lending protocols in the core functionality.
Crypto Impact
To assign a comfort level investing in Worldcoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Worldcoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.